OPEC has revised down its oil demand growth estimates for this year and next—a third downward revision in as many months—citing potential headwinds to global economic growth ranging from trade disputes to weakening finances in emerging markets and geopolitical challenges. In its closely watched Monthly Oil Market Report published on Thursday, OPEC revised down its global oil demand growth to 1.54 million bpd this year, down by 80,000 bpd from the estimate in the September report. In last month’s report, the downward revisions from August were much smaller— by 20,000 bpd for global oil demand growth in both 2018 and 2019. In its latest estimate, OPEC now sees global oil demand growth next year at 1.36 million bpd, down by around 50,000 bpd from last month’s assessment, to reflect expectations for lower economic growth for Turkey, Brazil, and Argentina. As a result, total world oil demand in 2019 is […]